Question

write short note on legal tender money​

Answer 1

Legal tender is officially defined as the coins or banknotes that must be accepted if offered in payment of a debt.

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The term ‘legal tender’ is widely misused – often to refer to the cash and currency that is commonly accepted by retailers.

However, the official definition of legal tender refers to very specific conditions surrounding the repayment of debt, so has little to do with which forms of payment can be used in everyday transactions.

For example, the official definition of legal tender exclusively refers to coins and banknotes. Payment via credit card therefore isn’t considered as legal tender, yet this is a widely accepted and extremely common form of payment.

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Answer 2

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Legal tender is something which is acknowledged by the laws as a mechanism to settle a private or public debt or in order to meet a fiscal responsibility which includes paying taxes, abiding by contracts, and finally damages or fines. Almost every country uses its national currency as legal tender.

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